Dollar slumps and gold rises as authorities say they will halt levies linked to emergency powers but give no word on refunds
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Donald Trump’s administration has said it will stop collecting tariffs the supreme court ruled were illegal as they were imposed using emergency powers, as investors attempted to digest the US president’s latest volley of replacement levies.
The US dollar slumped 0.4% against a basket of other currencies on Monday after the US Customs and Border Protection (CBP) agency said it would deactivate all tariff codes associated with International Emergency Economic Powers Act (IEEPA) related orders as of Tuesday at midnight (5am UK time).
Gold jumped 0.6% to $5,135 an ounce, its highest level since the end of January, as investors flocked to the safe haven asset, while bitcoin dropped as much as 4.8% to $64,300 before recovering some ground, at $65,734. Futures tracking the US S&P 500 stock market slipped 0.5% on Monday morning.
